That’s the conclusion reached by researchers from the London School of Economics and Berlin’s Hertie School of Governance, who examined the professional backgrounds of finance ministers in the 27 European Union members since the time they became democracies, although no earlier than 1973.

They found that the finance ministers of perennially troubled economies such as Greece and Portugal are more likely to have advanced economics degrees than their counterparts in more stable economies such as the U.K. and Germany.

U.K. Chancellor, George Osborne

Indeed, while 69% of Greek and 55% of Portuguese finance ministers have had a PhD in economics, not one of the men who have served as U.K. Chancellor of the Exchequer over the period have had the equivalent qualification.

But they say that doesn’t mean that economists are necessarily worse at running actual economies than people with history degrees, or no degree at all.

“Our assumption is that countries that face severe economic problems have little choice but to appoint policy-makers that, at least in terms of background, appear to be competent,” the researchers wrote in a paper.

To back up this assumption, they point to the fact that “competent” finance ministers–by which they mean those with advanced economics degrees–tend to be more prevalent during periods of crisis.

Some may baulk at that conclusion. But consider this–EU finance ministers in general are less likely to have a training in economics or business than their peers in 11 other developed economies. And which part of the developed world is in the worst shape?

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